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USDA: PRICES FOR GENETICALLY MODIFIED SEEDS HAVE RISEN MUCH FASTER THAN NON-GM SEEDS
Jun. 29, 2023
Source: USDA news release
USDA, Economic Research Service has scheduled a webinar on the report Concentration and Competition in U.S. Agribusiness at 1 p.m. EDT on Tuesday, July 11, 2023. During the webinar, ERS Agricultural Economist James MacDonald will present findings in three agribusiness sectors where concentration has increased over time: seeds, meatpacking, and food retail. For more information or to register, click here
Prices farmers paid for crop seed increased significantly faster than the prices farmers received for crop commodities between 1990 and 2020. During that period the average price farmers paid for all seed rose by 270 percent, while the crop commodity price index rose 56 percent.
For crops planted predominantly with genetically modified (GM) seed (corn, soybeans, and cotton), seed prices rose by an average of 463 percent between 1990 and 2020. During this period, GM seed prices peaked in 2014 at 639 percent above 1990 price levels.
Despite their higher cost, GM crop varieties have provided significant productivity gains for farmers, partly through higher yield, but also by lowering farm production costs. For example, GM traits for insect resistance reduce the need for insecticide applications.
Similarly, GM traits for herbicide tolerance provide a substitute for mechanical tillage, thus reducing labor, machinery, and fuel previously used for controlling weeds.
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